Friday, 1/10/14, Public Square

social security

Plus, consider this:  ZERO social security taxes are withheld from capital gains earnings. The top 0.1%– about 315,000 individuals out of 315 million– are making about half of all capital gains on the sale of shares or property after 1 year; and these capital gains make up 60% of the income made by the Forbes 400.  The capital gains tax is capped at 15 percent, thus, anyone making more than $34,500 a year in wages and salary is taxed at a higher rate than a billionaire is taxed on untold millions in capital gains.

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17 Comments

Filed under The Public Square

17 responses to “Friday, 1/10/14, Public Square

  1. The Bush tax cuts didn’t just lower income tax rates, but also lowered capital gains tax rates, protecting the wealthy from paying taxes and ensuring their wealth would continue to grow while the middle class bore the burdens of taxation.

    Long-term capital gains were taxed at close to 30 percent from 1986 through 1997, when Clinton cut a deal with Republicans to get an expanded earned-income tax credit. And dividend income also only started receiving privileged status in 2003. Taxing unearned income lightly is a Bush-era innovation, pushed through the Senate, by the way, using reconciliation.

    (from the link below): The maximum statutory rate on long-term gains was 28% starting 1991, 20% starting May 1997 and 15% starting May 2003.

    Historical Capital Gains and Taxes
    http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=161

    • bobwhitenks

      When I went to college years ago we learned in Econ I (basics) that “progressive tax structures were the most fair and equitable, and the best way to create necessary government revenues”. What has happened to that idea? It has been demonstrated to work well and has always seemed to make sense to me all the years since it was first introduced to me. If you are able to pay more taxes than people who earn less, you should pay more taxes. If you own much property and it is expensive property, you should pay more than persons who have very little property and inexpensive property. It is part of justice. It appears to me that we were all much better off in 1976-77 than we are today. And, I do not have a problem with government spending, either, but I do have a problem with such spending being corrupted: especially by big-business and war, both evil as far as I’m concerned.

  2. Israel’s abortion law now among world’s most liberal
    Despite its conservative leanings, government approves free pregnancy termination for nearly all women, and it barely causes a ripple

    http://www.timesofisrael.com/israels-abortion-law-now-among-worlds-most-liberal/

    And, as for reactions from some of the congress critters in Washington who obsess with regulating American wombs:

    “They are sovereign nation they can do as they wish,” Sen. Lindsey Graham said of the policy. “That won’t happen in America.”
    Sens. Marco Rubio and Ron Johnson, among others, declined to weigh in on the law citing unfamiliarity, while Sen. Ted Cruz referred BuzzFeed to his press office. A Cruz spokeswoman did not return a request for comment.
    “I don’t really feel qualified to talk about what Israel should be doing on abortion,” said Sen. John McCain.

    The office of Majority Leader Eric Cantor did not respond to a request for comment. And Rep. Chris Smith, who heads up the congressional anti-abortion caucus and has called Israel America’s “closest ally,” did not respond to several requests for comment to his office.

    Smith has weighed in on international abortion law before, primarily regarding a change to Kenya’s constitution allowing for abortion in cases in which the mother’s health is at risk. He charged in 2010 that the Obama administration had used taxpayer funds to lobby for the change. Smith has called abortion “a serious, lethal violation of fundamental human rights.”

    Rep. Trent Franks, who chairs the Israel Allies Caucus in the House, was one of the few members BuzzFeed spoke with who was aware of Israel’s abortion policies. Franks is also one of the most outspoken anti-abortion politicians in Congress.

    “The truth is it’s something that breaks my heart, that a country that I love as much as I do would take such a position,” Franks said. “It’s one of the greatest heartbreaks to me about Israel is their position on protecting innocent life. In the final analysis, it weakens Israel profoundly as a nation and weakens us as a human family when we don’t have the clarity and commitment to protect the most innocent among us.”

    http://www.buzzfeed.com/katenocera/anti-abortion-republicans-are-largely-quiet-as-israel-adopts

    • Well-well, now is that not interesting? Here is God’s chosen people are more Liberal on women’s rights then the people that claim that their policies and opinions are based on God’s will. No wonder this in be making major news in the United States! I so must like upsetting people since I intend to point this tidbit out to some of my more religious Right friends!
      I am such a shit…

      • R.D. – can I help you point this tidbit out to even more Religious Righties?

        But, you realize, there will be a big cry lf denial when these folks are told the truth..

        Truth and Religious Right Churchy People do not exactly go in the same sentence – do they?

      • wicked

        Israel: The birthplace and home of Jesus.

        Man, that’s got to get some undies in a bunch.

  3. Andy Borowitz asks —

    What did we expect from a guy whose party shut down the entire government?

    • I copied and pasted this to my Facebook page, then put this in my comment section:
      ,
      And the Queen said when informed that the people were starving she said “Let them eat cake!” And so started the revolution. Some may see putting money into seeing my grandson has a better chance in life as a waste. That being born A.D.D. as his fault and even God’s punishment. His need for a better chance in life is more something that our God would desire from us.

  4. I sure hope this works, if it does make sure to watch the very end it cracked me up!

      • And me as well! Thanks, Rick.

      • wicked

        Love it! I saw it this morning and smiled the rest of the day. 😀 That granny had some moves!

        It’s hard not to jump up and dance to good music. It gets the blood pumping and makes us feel young. Okay, it does me, anyway. But then I’ve found that if I’m in a grouchy, blue, or down mood, if I put on some music, I forget the troubles and enjoy. Doesn’t matter much what music, either. My childhood included a lot of music. A gift from my parents. 🙂